EuroLife Executive Team Returns to Europe to Facilitate Closure of LOI for Largest Hemp Facility in Germany
Toronto, Ontario--(Newsfile Corp. - January 14, 2020) - EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) ("EuroLife" or the "Company"), a vertically integrated enterprise focused on the pan European hemp, cannabinoid, and health & wellness sector, is pleased to announce its return to Europe to assess opportunities in the CBD Hemp sector and to meet with leading European hemp companies. Mr. Derek Ivany, Chairman of the Eurolife Advisory Board and President of JJ WOLF Investments Ltd. ("WOLF"), a merchant banking and advisory firm, will join Shawn Moniz, CEO of EuroLife, to identity and assess opportunities within premium CBD markets in Europe on behalf of EuroLife.
"We are building off the groundwork established on recent expeditions to Europe which identified a number of potential opportunities including the equity investment in state-of-the-art industrial hemp cultivation operation located near Dresden, Germany," said Shawn Moniz, CEO of EuroLife. "I believe that those companies equipped with low cost production combined with tactical downstream capability will be successful and we continue to execute on mandate of establishing EuroLife Brands as one of Europe's premium hemp CPG companies. We continue to be very encouraged by the response we are receiving as we plan for this trip."
With a population of over 700 Million citizens, and over 500 Million in the EU alone, the European opportunity within the hemp and cannabidiol marketplace is large growing at a substantial pace. A robust hemp market exists in the EU today, with production in most member nations. In 2018, European cultivation grew by over 40% from 2015 to more than 40,000 hectares of production. Hemp production is centered in France, the Netherlands, Lithuania, Romania, with Germany making inroads and playing an increasingly important role in the hemp market share.
The Company also announces it has arranged for a non-brokered private placement of 10,000,000 units (each a "Unit") of the Company at a price of $0.05 per unit for gross proceeds of $500,000. Each unit consists of one common share (a "Share") and one common share purchase warrant (a "Warrant"). Each warrant entitles the holder to acquire one common share at an exercise price of $0.075 per common share at any time on or before the 24-month anniversary of the closing of the offering.
Net proceeds from the funds raised will be used to complete the acquisition of the Dresden Hemp transaction, and continued expansion across Europe. All shares and warrants are subject to a four-month hold period.
About EuroLife Brands Inc.
EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) is a leading global markets cannabis brand empowering the medical, recreational and CPG cannabis industry worldwide through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
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